It’s that time again
Setting aside time to plan and monitor money matters can make a big difference.
It sounds too simple but research has shown that setting aside a specific time can help people manage their financial futures better. The first of five intelligent tips to help retire in comfort explains putting time in your diary can help prevent forgetfulness and procrastination – two enemies of people face when managing their money.
Moreover, we saw in the ING International Survey on Financial Competence that more than 60% of more than 11,000 people in 11 countries polled carefully monitored their money – checking credit card bills and bank statements thoroughly. Those people were also more likely to score highly on our “financial competence” test.
What should I be monitoring?
At the most basic level, regularly check bank and other financial statements. These checks might be scheduled a few times a week.
A helpful goal to set is making and maintaining a basic budget – perhaps requiring monthly updates. A how to video is here.
Long-term investing goals – such as investing for retirement or a child’s education – might be planned and monitored quarterly or annually. Setting time aside to work on saving and investing creates a self-imposed deadline and may help prevent "oh-so-important" distractions arising. Our Four tips to cut procrastination explains further.